South Africa to Join BRIC
WPR
South Africa will become a member of the Brazil, Russia, India and China (BRIC) group at the group's meeting in China next month. Though South Africa's economy is significantly smaller than the four BRIC nations, it represents 40 percent of sub-Saharan Africa's economy. The group will also discuss creating a formal structure and secretariat to better facilitate cooperation between members.
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BBH's Schoenfeld Likes Munis, Corporate Bonds, Shuns Treasurys
Jeffrey Schoenfeld, a top fixed-income executive at Brown Brothers Harriman, is stocking up on municipal debt and on high-quality corporate bonds on the view that riskier debt will perform well as the Federal Reserve keeps monetary policy accomodative for longer than many expect.
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New rules help smaller banks: Bernanke
MARTIN CRUTSINGER, The Globe And Mail
U.S. Federal Reserve Chairman Ben Bernanke told a group of executives from smaller banks Wednesday that the financial overhaul will level the playing field for them with the industry's giants.
http://jlne.ws/equDhU
U.S. Targets Banks Over Credit Union Bond Losses
BY LIZ RAPPAPORT, WSJ.com
Federal regulators are blaming Wall Street's biggest firms for the collapse of five institutions at the heart of the nation's credit-union industry and are seeking to recoup tens of billions of dollars in losses on securities that doomed the five.
http://jlne.ws/ee2pUc
Access to Capital: Fueling Business Growth and Job Creation
By: Aneesh Chopra, U.S. Department of the Treasury
I had the pleasure yesterday of sitting down with nearly 100 leading entrepreneurs, investors, underwriters, academics, and fund managers—including Chuck Newhall, the legendary co-Founder of one of the Nation’s most prestigious venture capital firms, New Enterprise Associates—at the Treasury Department’s Access to Capital Conference. The event was one of a number of creative forums the Administration has held to generate new, actionable ideas to ensure that small businesses have the resources to achieve high growth.
http://jlne.ws/i9Ixet
New home sales break record low set last August
CNN Money
New home sales fell 16.9% in February, to the lowest level since the government began keeping records in 1963, as the reeling housing market failed to generate any momentum.
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IFR: Canada eyes covered bond law to boost mortgage funding
By Aimee Donnellan, Reuters
Canada is poised to establish a new legal framework for covered bonds, which will make it simpler for the country's biggest banks to access the most efficient form of mortgage funding in its domestic market, sources said.
http://jlne.ws/ha7PHV
CME takes page from ICE on credit swaps
CME Group Inc will split the pool of money backing credit default swaps from CME's main guarantee fund, a top CME executive told Reuters, taking a page from rival IntercontinentalExchange Inc in a bid to revamp a stalled swaps clearing effort.
http://jlne.ws/hC3Gzt
NYSE Liffe U.S. Trades 1.3% of CME Group Eurodollar Futures
By Matthew Leising, Bloomberg
NYSE Euronext (NYX)’s U.S. futures market traded 20,336 Eurodollar contracts today, the second day of the new offering, as it seeks to take on CME Group Inc. (CME), the world’s largest futures exchange. NYSE Liffe U.S. and its partner New York Portfolio Clearing are offering investors margin offsets to target CME Group’s 98 percent share of U.S. futures trading. Chicago-based CME Group has said it would offer the same type of margin reduction between futures and cash Treasury positions by the end of the month. Eurodollar futures have historically been one of CME Group’s most-traded interest-rate products.
http://jlne.ws/e4hUwP
CFTC's Gensler-financial system still uncertain
Reuters
WASHINGTON - Preventing another financial crisis similar to the one that shook the markets in 2008 requires a global effort and cannot be done by one nation alone, the head of the U.S. Commodity Futures Trading Commission said on Tuesday.
http://jlne.ws/eggGPo
International Monetary And Financial Committee Selects Tharman Shanmugaratnam As New Chairman
Press Release
The members of the International Monetary and Financial Committee (IMFC), the policy advisory committee of the International Monetary Fund (IMF), have selected Mr. Tharman Shanmugaratnam, Minister for Finance of Singapore, as Chairman of the Committee. Minister Tharman succeeds Dr. Youssef Boutros-Ghali, Egypt’s former Minister of Finance, who resigned on February 4, 2011.
http://jlne.ws/i2QPVb
4 Wall Street Banks Still Dominate Derivatives Trade
By BEN PROTESS - NY Times
A few select titans of Wall Street continue to dominate the banking industry’s role in derivatives trading, according to a report issued by the Office of the Comptroller of the Currency. The nation’s four largest banks — JPMorgan Chase, Citigroup, Bank of America and Goldman Sachs — hold nearly 95 percent of the industry’s total exposure to derivatives contracts, the report found.
http://jlne.ws/fdhASX
Fed Rejects BofA’s Dividend Plan
By DEALBOOK, NY Times
Bank of America revealed on Wednesday that the Federal Reserve had rejected the bank’s plan to increase its dividend in the second half of 2011. The government raised its objections as part of the second round of stress tests, the results of which came out on Friday.
http://jlne.ws/epto1t
UBS denies speculation about sale of US wealth unit
eFinancial News
UBS on Monday rejected media speculation that it plans to sell its Wealth Management Americas business.
http://jlne.ws/giAk9p
Markit Launches Sovereign CDS Index On Latin America
By Katy Burne Of DOW JONES NEWSWIRES
Bond and derivatives pricing service Markit on Tuesday launched an index tracking credit default swaps on Latin America sovereign debt.
http://jlne.ws/eAXjUb
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